Vizio Being Sold to LeEco

LeEco CEO YT Jia, VIZIO CEO William Wang at LeEco and VIZIO Press Conference in Hollywood where it was announced that LeEco had acquired VIZIO for $2 billion (Jeff Lewis/AP for LeEco)

American TV manufacturer Vizio is being sold to Chinese technology company LeEco for about $2 billion. Vizio will be operated as a wholly owned subsidiary.

Vizio CEO William Wang made the announcement at a press event in Los Angeles this morning. "As the father and founder of Vizio, I have mixed feeelings about this. But for our shareholders and employees, I know this is the right thing to do," said Wang.

The Vizio hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco, while the Vizio data business, Inscape, will be spin off and operate as a separate, privately owned company led by Wang.